Boston, US-based insurance company Liberty Mutual Group has received a license to operate a general insurance company in Vietnam from the country's Ministry of Finance.
The insurance group established its presence in Vietnam in 2003, when it opened its first representative office in Hanoi.
The new license will permit the operation of a general insurance company in Vietnam, named Liberty Insurance, to provide home, auto, travel and health insurance to individuals and property, liability, marine cargo and commercial auto to small to medium size enterprises throughout Vietnam.
We are pleased that the government of Vietnam has granted us a license to enter its growing insurance market, said Edmund Kelly, Liberty Mutual’s chairman, president and CEO. Vietnam’s entry into the World Trade Organization creates exciting opportunities for us as increased trade will add further momentum to the country’s growth and prosperity.
The license will also enable Liberty Mutual to help provide Vietnam with a model for reporting workplace injuries, as part of the prime minister’s initiative to reduce worksite injury in Vietnam dramatically over 10 years.